Assignment 25A What's Next?

Assignment 25A What's Next?

What I Think Is Next: 

Having completed my venture concept, I think establishing Inkless Canvas, etc as a reputable and professional laser tattoo removal boutique will be my first order of business.  Once I have the business running smoothly, I think it would make sense to add a line of skin care products to sell in my boutique.  I also thought about adding other ancillary services that could be done by a licensed esthetician. Perhaps scaling the boutique beyond one laser technician and additional support staff would also be in my growth plan.

Existing Market: 

Interview 1: I explained my Venture Concept to Christy and outlined the process.  She loved the idea. She liked that I would have a boutique. I asked her what she thought I should do that I am not planning to do? She was not sure what I meant so I asked her what services or products I should consider adding to my business?  She thought maybe lash extensions. I was not sure what is involved with that process but after researching, it can be done by a licensed cosmetologist or esthetician in the state of Florida.  I also asked her what she thought about my idea of adding skin care products and/or skin care services and she thought people would be more interested in the services than skin care products.

Interview 2:  I spoke with Amy and asked her to read my Venture Concept.  I asked her what she thought I should be doing that I am not planning to do and what she thought of my ideas about what customers might want next.  She thought the concept was good and liked my idea of making people feel comfortable.  She questioned whether I would have enough staff for this type of procedure saying she thought I might need a few more employees. She said she thought if I was going to add an esthetician that I might want to do Botox injections as another revenue stream.

Interview 3:  Last, I had a conversation with Alissa.  After listening to my Venture Concept, she had several questions for me.  She asked me if the medical supervisor would be insured (like malpractice insurance).  She also asked if I had researched the what the state's licensing regulations were.  Then she said she understood I wanted to create a boutique feel but she feels like the treatments are clinical and asked if I thought that would change how people viewed my business. I told her I would definitely do more research on the insurance question.  I did look at licensing requirements and I am confident I would meet state standards.  I am not quite sure why she thought referring to the business as a boutique might not be appropriate but I should ask other potential customers in my market segment to get a better feel for how they would perceive a boutique versus a clinic.  I did ask her what she thought I should be doing that I am not planning to do and she said she thought I had a good plan for value added services with skin treatments.

Feedback and Growing Forward:
I received some interesting and helpful feedback for my venture, Inkless Canvas, etc.  I think my plan may need some additional consideration as far as the number of employees I plan to hire. Additionally, I think I need to research medical malpractice insurance and other liability insurance for my business.  I also need to further research the concept of having a boutique versus a clinic because how I market my business will indicate to potential customers if I can solve their problem. 

I do believe I have a solid plan to grow the business and some added revenue drivers for the future.  Feedback from a sample of women in my existing market confirmed that they also thought my plan for future services is logical and could create added value for my business.  Whether or not I move forward with boutique versus clinic, one thing I think is so important is that clients need to be first and foremost so customer service will be key for brand development and client retention.

New Market:
I am targeting women so a new market I am not targeting now is to men with tattoo regret and who want them removed. If I were to target this market I might consider not creating a boutique feel but one that is less gender specific.  I believe there are customers in this segment with the problem.  I have come in contact with men during my research about tattoos and removal. My Venture Concept will also create value for this market by providing laser tattoo removal treatments for them. Even in terms of value added services, there is a growing percentage of men who are concerned with their skin and have treatments regularly. 

Interview 1:  Mark is an avid cross-fit enthusiast who I met at boot camp.  He has several tattoos so I spoke with him about my venture and he was amazed I was working on this project.  He told me he only has one tattoo he does not like and if he were to have it removed, he would replace it with another tattoo.  We discussed the details of my Venture Concept and he said he does know some men who have had tattoos removed so men would be another market segment for my business.  I asked his opinion about boutique versus clinic for the venture and he did not think it really mattered. He said he has had skin care treatments done and he also mentioned men like to be "pampered" too.  What I decide to call the business he did not think was as important as providing superior service.  He thinks I could add other services like massage as a value added service.  I also asked him how I could best meet customers like him and he told me "the gym". 

Interview 2:  Stephan is an ex marine and has three tattoos.  He spoke with me candidly about his tattoos and how meaningful they were to him since each was a done after a completed tour during his six years of service.  He does not regret his tattoos.  I asked him if he knew men with tattoo regret and he said he had a friend who has his old girl friend's name tattooed on his shoulder and that he was thinking about having it removed.  I asked him about my venture and he liked the concept and he asked me to describe pricing.  He thought it was rather expensive, saying he thought more women would spend that amount of money than men. I also asked what he thought the additional services I could provide for this market segment would be.  He said this was new to him so he was not sure but that skin products might be good to add to my business.  Finally, I asked how he thought I could me customers like him.  He suggested I speak to tattoo artists because they provide the tattoos and that their previous customers would ask them if they knew someone who did tattoo removal.

Reflection:
I learned a few interesting things during my interviews from this new market segment.  First, my assumptions that men would benefit from my solution to the need is correct.  While I do not think there are as many men who will have the need as there are women, based on my interactions with two men from this segment provided evidence my assumptions are correct. Next, I was not really surprised by any of the information gathered from these interviews but I did get some valuable feedback.  I thought the ideas about finding men in this segment at the gym or from tattoo artist were good suggestions.

After speaking with these men, it is abundantly clear that this market segment is not as attractive as my existing market.  It was pointed out to me that men would not be as willing to spend money on this type of service even if the need was there.  Also, it seems there are more women with the need to have tattoos removed than men.  It was interesting to hear a man say he liked to be pampered.  I already know there are men who have services like facials, pedicures, and massages so this market is not unattractive, it just would not be one of the top market segments to drive my business.